Needham analyst Michael Matson maintained a Hold rating on Wright Medical Group (NASDAQ: WMGI) today. The company’s shares closed yesterday at $20.98.
Matson said:
“WMGI’s 1Q18 revenue and EBITDA beat consensus. For 2018, management maintained revenue and EBITDA guidance. Underlying revenue growth improved to 9.2% from 6.7% in 4Q17 as strong US International growth improved while US Upper Extremities growth remained strong. WMGI saw improved productivity from its US Lower Extremities sales force and also addressed its cash needs with $31M from an insurance settlement and a $40M increase in its loan agreement. With WMGI’s US Lower Extremities business on the mend and the capital overhang lifted, we are more positive on WMGI but maintain our Hold rating given our expectation of a large share price increase.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 9.3% and a 61.8% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Wright Medical Group has an analyst consensus of Strong Buy, with a price target consensus of $27.
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The company has a one-year high of $29.89 and a one-year low of $19.01. Currently, Wright Medical Group has an average volume of 1.02M.
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Wright Medical Group NV is a global medical device company, which engages in the design, manufacture, and distribution of biologic products. It provides surgical solutions for the foot and ankle market and its products include large joint implants for the hip and knee, extremity implants for the shoulder, elbow, hand, wrist and foot and biologic products, including bone graft substitutes. The company was founded by Frank O. Wright in 1950 and is headquartered in Arlington, TN.
